Freddie Mac Profit Rises, Buoyed by Lift in Net Interest Income

Dow Jones10-30

By Robb M. Stewart

Federal Home Loan Mortgage's earnings rose in the latest quarter, lifted by higher net interest income and a fall in expenses.

The government-backed housing-finance company, known as Freddie Mac, recorded third-quarter net income of $3.11 billion against $2.65 billion a year earlier. On a per-share basis, the company's loss widened to 2 cents from 1 cent.

The quarter included a benefit for credit losses of $191 million thanks to a reserve release in single-family lending with lower mortgage interest rates and a release in its multifamily arm driven by a lower expense related to debt-in-hedge accounting relationships. Freddie Mac's overall non-interest expense dropped compared with last year, when it saw an additional $313 million accrual.

Overall revenue for the three months rose 2.6% on-year to $5.84 billion. Net interest income was up 5.3% to $5 billion, while non-interest income fell 11% to $839 million.

Strength in the quarter lifted Freddie Mac's net worth to roughly $56.4 billion from $44.7 billion a year earlier, and recently appointed Chief Executive Diana Reid said the company helped 415,000 families buy, refinance or rent a home, including 110,000 first-time buyers.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

October 30, 2024 09:25 ET (13:25 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Stewart \n\n\n \n\n\n  Federal Home Loan Mortgage's earnings rose in the latest quarter, lifted by higher net interest income and a fall in expenses. \n\n\n  The government-backed housing-finance ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4195","symbol_name":"互助储蓄与抵押信贷金融服务","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2479788340","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2479788340","pubTimestamp":1730294700,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Federal Home Loan Mortgage's earnings rose in the latest quarter, lifted by higher net interest income and a fall in expenses.The government-backed housing-finance company, known as Freddie Mac, recorded third-quarter net income of $3.11 billion against $2.65 billion a year earlier. 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Stewart at robb.stewart@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  October 30, 2024 09:25 ET (13:25 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2479788340"}